India's Rail Vikas Partners with Turkish Engineering Company

19 Apr 2024 , 11:27 AM

An exchange filing states that Turkish Engineering Consulting and Contracting-TUMAS India Pvt Ltd and Rail Vikas Nigam Ltd (RVNL) have inked a memorandum of understanding (MoU). The contract is for cooperation and partnership in infrastructure and public transportation projects in India.

After three orders in late March, the state-owned train company was the lowest (L1) bidder. It has already got a Letter of Award (LoA) for a ₹106.37 Crore Madhya Pradesh project in mid-March.

RVNL’s net profit for the October–December quarter (Q3FY24) decreased 6.2% YoY to ₹358.6 Crore. During the same quarter previous year, Rail Vikas Nigam reported a ₹382.4 Crore profit. Operating revenue for RVNL decreased 6.4% to ₹4,689.3 Crore from ₹275.6 Crore in the same period of the previous fiscal year.

On the NSE, RVNL shares traded 1.69% lower at ₹255.50. The price of rail PSU stock has increased by 43% so far this year, and the stock has returned 250% over the past year.

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